The 2020 Mid-Year Economic Update_long

Day: October 20, 2008

Eaton Corp. 3Q Sales Up 25%

Diversified industrial manufacturer Eaton Corp., Cleveland, OH, reported sales of $4.1 billion for the third quarter, an increase of 25% over the same period a year ago. Profit was $315 million compared to $258 million in 2007, an increase of 22%.
 
Sales growth in the quarter consisted of 4% from organic growth, 19% from acquisitions, and 2% from exchange rates.
 
The severe issues in world financial markets have started to impact markets for our products. While it is not possible to forecast with precision the prospective impact upon our end markets, prudence suggests anticipating a significant slowdown,"CEO Alexander M. Cutler said. "While our year-over-year end market growth in the third quarter was 2 percent, we anticipate fourth quarter growth in our end ...

Cummins-Wagner Acquires Siewert Equipment

Cummins-Wagner Co., Inc., Annapolis Junction, MD, a distributor of industrial process equipment and HVAC equipment in the Mid-Atlantic region, has acquired Rochester, NY-based Siewert Equipment Co. and Siewert Classic Co.
 
The acquisition is part of Cummins-Wagner's business strategy of steady, manageable growth through market penetration and acquisition. SECO employs 47 people with branch offices in New York State and Florida. SECO is a distributor/manufacturers representative in the sales of fluid process equipment and provides assembly, aftermarket service and engineered solutions.
 
SECO employees will become part of Cummins-Wagner's 100% Employee Stock Ownership Plan.
 
Cummins-Wagner employs 115 ...

Bunzl Sales Increase 15%

U.K.-based Bunzl plc, the international distribution and outsourcing group, reported sales for the third quarter ended Sept. 27, 2008, increased 15% compared to the same period a year ago.
 
The increase is attributable to organic growth, acquisitions and currency exchange rates. Year-to-date, the company has announced acquisitions with total annualized revenue of £148 million (US$253 ...

Gates Corp. To Build Facility In Turkey

Gates Corp., Denver, CO., a wholly-owned subsidiary of Tomkins plc, will invest in a new power transmission facility in the Izmir Free Trade Zone in Turkey. The new plant will support the growing demand for oil pumps and tensioners in Europe.
 
Gates expects to break ground in the fourth quarter of 2008 and to be operational in early 2010. Gates plans on a workforce of over 100 associates by 2012. Gordon Hensley of Gates Corp. was named director of Powertrain -Europe to manage the site.
 
Gates Corp. manufactures industrial and automotive products, systems and components with operations in 25 countries. Gates is part of the Industrial &Automotive group of Tomkins plc, with revenue of $5.8 billion in 2007. ...